Undoubtedly, calculating the schedule variance is a quintessential part of any project since it can be the difference between the success and failure of the project. Fortunately, Microsoft Excel can do most of the heavy lifting for you. With this intention, this article shows a step-by-step guide on how to calculate schedule variance formula in Excel. Moreover, weâ€™ve also included a schedule variance calculator and lastly, weâ€™ll also learn to compute the schedule variance percentage in Excel.

**Table of Contents**Expand

## What Is Schedule Variance (SV)?

First and foremost, letâ€™s acquaint ourselves with the term schedule variance.

In laymanâ€™s terms, **schedule variance** measures the difference between the actual advancement and the expected advancement of the project, hence it is an indication of the projectâ€™s performance.

For one thing, schedule variance lets a project manager quickly determine whether a project is on course by providing a helpful statistic. Additionally, it can also indicate possible issues early in the project.

## Formula to Calculate Schedule Variance

The formula to calculate the schedule variance is as follows:

`Schedule Variance (SV) = Budget Cost of Work Performed (BCWP) - Budget Cost of Work Scheduled (BCWS)`

Here, a **positive **value of SV indicates the project is ahead of time whereas, a **negative **value of SV represents the project is behind schedule.

## How to Calculate Schedule Variance Using Formula in Excel: 3 Easy Steps

In this situation, consider the **Project Management **dataset shown in the **B4:D9 **cells which shows the **Activity**, the **Work Duration** in days, and the **Cost per Day** respectively. Additionally, we have the **Reporting Day** table in the **B11:C17** cells which contains the percentage of **Actual Completion of Work** and the **Completion of Work** in days. Therefore, letâ€™s glance at the steps below with easy and simple illustrations.

Here, we have used the *Microsoft Excel 365* version, you may use any other version according to your convenience.

### ðŸ“Œ Step 1: Calculate the Total Cost

To begin with, weâ€™ll calculate the *Total Cost *by multiplying the *Work Duration *in days by the *Cost per Day *in USD. So, just follow along.

- First, go to the
**E5**cell >> enter the formula given below.

`=D5*C5`

Here, the **C5 **and **D5** cells refer to the *Work Duration *of *2* days and the *Cost per Day *of *$350 *respectively.

- Then, use the
**Fill Handle**Tool to copy the formula into the cells below.

Now, your results should look like the image given below.

**Read More:**Â How to Calculate Semi Variance in Excel

### ðŸ“Œ Step 2: Obtain BCWP and BCWS Values

At this time, weâ€™ll obtain the *Budget Cost of Work Performed* (BCWP) by computing the products of *Total Cost *and *Actual Completion of Work *(%) and the *Budget Cost of Work Scheduled *(BCWS) by multiplying the *Cost Per Day *and *Completion of Work *(Days) for the corresponding *Activity*.

- Second, move to the
**F5**cell >> type in the equation given below.

`=E5*B13`

In this equation, the **B13 **and **E5** cells represent the *Actual Completion of Work* and the *Total Cost*.

- In a similar style, navigate to the
**G5**cell >> insert the following expression.

`=D5*C13`

In this case, the **C13** and **D5** cells point to the *Completion of Work* and the *Cost Per Day*.

After completing the above steps, the output should look like the picture shown below.

**Read More:** Budget vs Actual Variance Formula in Excel

### ðŸ“Œ Step 3: Compute Schedule Variance (SV)

Finally, weâ€™ll employ **the SUM function** to calculate the total *BCWP* and *BCWS *for the project. Hence, subtracting the *BCWS *from *BCWP* yields the schedule variance of the project in terms of USD.

- Third, jump to the
**F10**cell >> and type in the given formula into the**Formula Bar**.

`=SUM(F5:F9)`

For instance, the **F5:F9** range of cells indicates the *BCWP *values.

- Likewise, enter the formula into the
**G10**cell to get the total*BCWS*.

`=SUM(G5:G9)`

Here, the **G5:G9** array refers to the *BCWS *values.

- Finally, compute the
*Schedule Variance*using the expression provided below.

`=F10-G10`

Specifically, the **F10 **and **G10 **cells represent the total *BCWP *and *BCWS* respectively.

Here, the** -$700 **indicates that the project is running behind schedule.

**Read More:** How to Calculate Variance Inflation Factor in Excel

## Applying Schedule Variance Calculator in Excel

In the following section, weâ€™ve constructed a simple *Schedule Variance Calculator* where you can enter the *BCWP *and *BCWS* values in order to get the *Schedule Variance* value.

On this occasion, weâ€™ve chosen *$4,575 *and *$4,220 *as the values of *BCWP* and *BCWS *respectively. Following this, subtract the *BCWS *from *BCWP *to return the *Schedule Variance* of *$355 *which shows that the project is ahead of schedule.

**Read More:** How to Calculate Budget Variance in ExcelÂ

## How to Calculate Schedule Variance Percentage in Excel

Generally, the schedule variance percentage is a metric that is calculated in conjunction with the schedule variance by dividing the *SV* by the *BCWS*. Therefore, letâ€™s see it in action.

ðŸ“Œ ** Steps**:

- In the first place, complete the steps shown in the
**previous method**to generate the results shown in the screenshot below.

- Next, move to the
**G12**cell and type in the expression given below.

`=G11/G10`

In this expression, the **G10** and **G11** cells refer to the *BCWS* and the *SV* respectively.

Consequently, the output should appear as the image given below.

**Read More:** How to Create Minimum Variance Portfolio in Excel

## Practice Section

We have provided a** Practice** section on the right side of each sheet so you can practice yourself. Please make sure to do it by yourself.

**Download Practice Workbook**

## Conclusion

To sum up, we hope this tutorial has provided you with helpful knowledge on how to calculate the schedule variance formula in Excel. Now, we recommend you apply all this know-how to the practice dataset by downloading the practice workbook. In addition, feel free to comment and provide your valuable feedback.

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